Taiwan’s shipping company Wisdom Marine Lines has reached an agreement with a Japanese chartered to cancel a time charter deal previously agreed for one of the company’s Handymax vessels.
The agreement, announced in early November, includes a lump sum compensation of around JPY 1.45 billion (USD 13.8 million).
Wisdom Marine Lines said that the amount is due to be received in November as other income to the company.
The time charter termination comes on the back of the shipping line’s drop in net income of 54.6 percent to USD 28.3 million for the year-to-date period, ended October 31.
The company’s revenue for the period dropped by 4.7 percent to USD 274.2 million, while its operating income plunged by 35.1 percent to USD 41.4 million.
World Maritime News Staff